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Financial Services

ZenGRC provides banks and fintech firms of all sizes a cost-effective, unified platform to manage controls across multiple frameworks, and a dashboard that lets CISOs monitor key performance indicators for compliance and IT security efforts.

The regulatory burden

Regulatory compliance and operational demands differ greatly from one financial firm to the next, but that burden is always onerous — and is changing rapidly.

The Treasury Department wants powers to oversee fintech firms and similar tech service providers. New York’s Department of Financial Services already requires financial firms in that state to assess the cybersecurity of tech service providers.

Banks, meanwhile, must monitor, process, and protect potentially millions of transactions daily; and satisfy compliance objectives ranging from market liquidity, to fair lending, to cybersecurity, to financial crime prevention, and more. Their attention to cybersecurity is already watched by the Fed, the Office of Comptroller of the Currency, state banking regulators (see New York, above), and others.

All this means that fintech firms must be able prove their security and reliability — and their clients must be able to assess those factors, too — so the services fintech offers don’t disrupt other compliance and reporting obligations their financial clients have.

The compliance objectives:

Frameworks can help financial firms address any of these objectives. Still, the firms must manage multiple frameworks simultaneously to achieve progress on multiple needs, each one moving at its own pace.

For example, firms need to track what they’ve already assessed; corrective steps that might be necessary; whether those fixes are on schedule; what still needs review; and what new assessments might be necessary as new regulations emerge. That’s a lot of moving parts. Along with keeping track of their own financial and liquidity positions as necessary, financial firms must:

Assess cybersecurity vulnerabilities within their organization and their fintech third parties

Comply with privacy rules at overseas, national, and state levels

Map progress on remediation efforts

Integrate new regulatory requirements into their compliance systems

Identify weaknesses in internal controls & have a framework to fix them

Click on one of the tabs to learn more about ZenGRC's compliance, risk or reporting features.

Centralized Dashboard

Program Progress

Control Completion

Risk Assessment

Unified Control Management

Map Controls Across Frameworks

System of record

Streamlined Workflow

Continuous System Monitoring

What can ZenGRC do for you?

As a cloud-based solution, ZenGRC deploys simply and quickly (six to eight weeks) even across a large enterprise. It provides a unified platform to manage controls across multiple frameworks, and a dashboard to let CISOs monitor key performance indicators for compliance and IT security efforts.